New York, According to a new market research report published by Global Insight Services “Mobile Phone Insurance Market” is expected to reach US$ XX bn by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
Mobile phone insurance is a type of insurance that covers the replacement or repair of a mobile phone in the event that it is lost, stolen, or damaged. The insurance may also cover the cost of any additional accessories that were purchased with the phone.
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Key Trends
The key trends in mobile phone insurance technology are as follows:
- Mobile phone insurance is becoming more and more popular, as the cost of replacing a lost or stolen phone can be quite high.
- Many people are now opting for insurance that covers both their phone and their data, as the loss of personal data can be even more costly than the loss of the phone itself.
- Insurance companies are starting to offer more comprehensive coverage, including protection against water damage and accidental damage.
- Some companies are now offering insurance that will cover the cost of a new phone if your old one is lost or stolen, which can be a great relief for many people.
- Many insurance companies are now offering online quotes and purchase options, which makes it easier than ever to get the coverage you need.
Key Drivers
Technology: The mobile phone insurance market is driven by the rapid pace of technological change in the mobile phone industry. Every year, new models of mobile phones are released with ever-more sophisticated features. This means that consumers are increasingly likely to upgrade their phones on a regular basis and to insure their devices against loss, theft, or damage.
Economic factors: The global economic environment is also a key driver of the mobile phone insurance market. Rising incomes and increased consumer confidence mean that people are more likely to purchase expensive items such as mobile phones. In addition, the growth of the mobile phone industry in emerging markets such as China and India is fueling the demand for insurance products.
Market Segments
The Mobile Phone Insurance Market is segmented on the basis of phone type, sales channel, coverage type, end user, and region. By phone type, it is segmented into budget phones, mid and high-end phones, and premium smartphones. On the basis of sales channel, it is divided into retail and online. Based on coverage type, it is segregated into physical damage, internal component failure, theft and loss protection, and others. Region-wise, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
Key Players
The Mobile Phone Insurance Market report includes players such as Apple Inc., ASSURANT, INC., Asurion, AT&T Intellectual Property, Aviva, bolttech, Chubb, Digital Care sp. z o.o., Servify, Singtel, and U Mobile Sdn Bhd.
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Reasons to buy Mobile Phone Insurance Market Report:
• Develop comprehensive understanding of market landscape – industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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